AM-PM Roundup
Gold, silver tread water ahead of Powell, jobs data
(Kitco News) - Gold prices are slightly higher and silver near steady in subdued midday U.S. trading Monday. Traders and investors are awaiting the two major U.S. data points of the week. April gold was last up $1.90 at $1,856.40 and May silver was down $0.023 at $21.215.
Focus is on Fed Chairman Jerome Powell’s testimony on U.S. monetary policy to Senate and House committees on Tuesday and Wednesday. Then comes the February U.S. employment situation report from the Labor Department on Friday morning. The key non-farm payrolls component of the report is expected to show a rise of 225,000 jobs, following a mammoth rise of 517,000 in the January report.
Global stock markets were mixed overnight. U.S. stock indexes are higher at midday, following solid gains and technically bullish weekly high closes posted last Friday.
In overnight news, China set a 5% target for its economic growth in 2023, which is the lowest forecast in over 25 years. That set a very slightly negative tone for the stock, financial and commodity markets to start the trading week.
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Silver mines will likely be bought by automakers like Tesla, silver to $125 per ounce - Keith Neumeyer |
The key outside markets this morning see the U.S. dollar index lower. Nymex crude oil futures prices are slightly up and trading around $80.00 a barrel. The yield on the benchmark U.S. 10-year Treasury note is presently fetching 3.966%--down a bit after pushing above 4.0% last week.
![Live 24 hours gold chart [Kitco Inc.]](/images/live/gold.gif?0.2924175530478188){kind=small}
Technically, April gold futures bulls have the slight overall near-term technical advantage. A price downtrend on the daily chart has been negated. Bulls’ next upside price objective is to produce a close above solid resistance at $1,900.00. Bears' next near-term downside price objective is pushing futures prices below solid technical support at the February low of $1,810.80. First resistance is seen at last week’s high of $1,864.40 and then at $1,875.00. First support is seen at $1,850.00 and then at $1,842.00. Wyckoff's Market Rating: 5.5.
![Live 24 hours silver chart [ Kitco Inc. ]](/images/live/silver.gif)
May silver futures bears have the overall near-term technical advantage. Prices are in a steep downtrend on the daily bar chart. Silver bulls' next upside price objective is closing prices above solid technical resistance at $22.25. The next downside price objective for the bears is closing prices below solid support at $20.00. First resistance is seen at $21.52 and then at $21.75. Next support is seen at $21.00 and then at $20.76. Wyckoff's Market Rating: 3.5.
March N.Y. copper closed up 35 points at 408.15 cents today. Prices closed nearer the session high today. The copper bulls have the overall near-term technical advantage but trading has been choppy and sideways recently. Copper bulls' next upside price objective is pushing and closing prices above solid technical resistance at the February high of 423.70 cents. The next downside price objective for the bears is closing prices below solid technical support at the February low of 393.45 cents. First resistance is seen at Friday’s high of 412.30 cents and then at last week’s high of 418.10 cents. First support is seen at today’s low of 402.30 cents and then at 400.00 cents. Wyckoff's Market Rating: 6.0.
